Maharashtra Seamless - Limited Review For The Quarter Ended Sep 30, 2007

Maharashtra Seamless Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:

Pursuant to the adoption of Accounting Standards as prescribed by Companies (Accounting Standards) Rules, 2006 issued by Ministry of Corporate Affairs vide notification No. G.S.R. 739 (E) dated December 07, 2006 and as required by Accounting Standard - 11 on The Effect of Change in Foreign Exchange Rates, there is a notional loss of Rs 29.51 crores for the Half year ended as on September 30, 2007 due to exchange rate difference in the Foreign Currency Monetary Items, which has not been provide in the results declared for the second quarter and to be recognized at the end of accounting year.